Industry News

Industry Roundup: ​What to do About the Crisis of Underinsurance; Russian Invasion of Ukraine, Cyberattacks, and War Exclusions in P/C Policies; Chubb Investors to Vote on Proposal to End New Fossil Fuel Underwriting; & More

​What to do About the Crisis of UnderinsuranceThree out of five homes in the U.S. are underinsured by an average of 20% below full value, according to a citation from the property data aggregator CoreLogic in a 2019 report published by Rutgers Center for Risk and Responsibility. Chubb Investors to Vote on Proposal to End New Fossil Fuel UnderwritingThe U.S. Securities and Exchange Commission (SEC) has ruled in favor of a landmark shareholder resolution calling for Chubb to stop underwriting new fossil fuel supply projects. Floods Drive Economic Losses in 2021, but Only 25% of Risks Are InsuredMore than 50 severe flood events around the…

Continue ReadingIndustry Roundup: ​What to do About the Crisis of Underinsurance; Russian Invasion of Ukraine, Cyberattacks, and War Exclusions in P/C Policies; Chubb Investors to Vote on Proposal to End New Fossil Fuel Underwriting; & More

Industry Roundup: ​Can Firms Exiting Russia Recoup Losses Through Insurance?; Judge Reinstates Trump Independent Contractor Rule Withdrawn by Biden; Push to Relax Marijuana Laws Hits Roadblocks; Biggest Ransomware Trends Facing US Businesses

​Can Firms Exiting Russia Recoup Losses Through Insurance?See how insurance and international arbitration might soften the blow to those companies, which stand to lose billions of dollars.Judge Reinstates Trump Independent Contractor Rule Withdrawn by BidenA federal judge in Texas has nixed the Biden Department of Labor's withdrawal of a Trump administration rule governing whether a worker is an employee or an independent contractorPush to Relax Marijuana Laws Hits RoadblocksFacing a tough midterm election and divisions in Congress, the Biden administration is sidestepping the politically sensitive issue of loosening marijuana laws even as the idea has gained support of most Americans.Only 3% of White Collar Workers…

Continue ReadingIndustry Roundup: ​Can Firms Exiting Russia Recoup Losses Through Insurance?; Judge Reinstates Trump Independent Contractor Rule Withdrawn by Biden; Push to Relax Marijuana Laws Hits Roadblocks; Biggest Ransomware Trends Facing US Businesses

Industry Roundup: Cyber Incidents Up Since Invasion of Ukraine; How Does the Labor Shortage Impact Workers’ Comp?; Russia-Ukraine Cyberwarfare May Propel Claims in Global Insurance Markets; Metal Thieves Swiping Tailpipes Create 1,000% Spike in Claims

​NY Fines Two Insurers $4.2M for Alleged Reporting FailuresNY Superintendent of Financial Services Adrienne A. Harris today announced that Zurich American Insurance Company and Progressive Direct Insurance Company have entered into separate Consent Orders with the Department of Financial Services resolving DFS's investigations into the companies' failure to timely report certain insured vehicle information to the Department of Motor Vehicles.Experts Confirm Cyber Incidents Up Since Invasion of Ukraine; Insurance Underwriters AdaptingSince the start of the war in Ukraine, the number of cyber incidents in the U.S. has increased, and underwriters will need to adapt, according to a panel of experts at the PLUS Cyber Symposium.How…

Continue ReadingIndustry Roundup: Cyber Incidents Up Since Invasion of Ukraine; How Does the Labor Shortage Impact Workers’ Comp?; Russia-Ukraine Cyberwarfare May Propel Claims in Global Insurance Markets; Metal Thieves Swiping Tailpipes Create 1,000% Spike in Claims